Global Statistics Representing Sachet and Stick Packaging Machine Market Scenario
Consumers have changing preferences with regards to the products they use. Factors such as packaging, pricing and product visibility of various goods such as condiments, instant drinks, nutraceuticals and pharmaceuticals are responsible for the dynamic behaviour of the consumers. Additionally, growing demand of products which are affordable and portable have increased the need for convenient packaging of products.
Consumers in developed economies buy products in bulk as they it reduces the hassle to run to the supermarket and local store from time and again. However, consumers residing in developing regions have low purchasing power and often shop for goods in smaller quantity due to which several companies, which are mainly involved in production of consumer goods use sachet and stick packaging. Additionally, there has been an increase in demand for processed and ready to eat food which is expected to aid in the growth of this market.
However, factors such as instant consumption, due to absence of storage facility, of some products, due which are manufactured in sachet and stick packaging are some of the restraining factors for global sachet and stick packaging machine market.
The global sachet and stick packaging machine market is expected to grow at a CAGR of around 6.9% during the forecast period of 2019–2026 and is estimated to be USD 4,602 million by the year 2026.
Global sachet and stick packaging machine market is segmented by type, technology and application.
On the basis of type, the market is sub-segmented into sachet packaging and stick packaging. Sachet packaging is expected to grow at a significantly higher rate as compared to stick type packaging owing to its convenient and small packaging while offering a relatively larger surface area.
Based on technology, it is further classified as horizontal form fill seal (HFFS) and vertical form fill seal (VFFS). Vertical form fill seal technology is expected to have larger market share owing to their increase in applications for packaging food, drinks, tobacco, electronics, among others as they take up lesser space and have lower cost to manufacture different packaging.
On the basis of application, the market is further segmented into pharmaceutical, personal care & cosmetics, food, and others. Food & beverage segment is expected to grow at the highest CAGR during the forecast period of 2019–2026. Sachet and stick packaging in this segment make it possible for consumers to buy food and beverages and in small sizes as they offer convenience and also offers a decent shelf life for the products.
Global sachet and stick packaging machine market is divided into four regions, North America, Europe, Asia Pacific and LAMEA (Latin America, Middle East and Africa).
North America is expected to witness considerable growth in this market. There has been rising adoption of stick and sachet packaging in the food and beverage sector especially for fast foods and take away. Amongst the economies that spent the most on eating out, the U.S. was the highest spender with around 60% of the regional market share market share. Other notable economies in North America included Canada and Mexico. Ketchup, juices and pickles come in sachets in most of the fast food joints and restaurants where most of the money on food is spent. Additionally, owing to lifestyle and availability of vending machines in work and public places are other factors which could lead to the growth of this market in North America.
Europe is expected to witness significant growth in this market. Stick and sachet packaging are used in storing the final product so as to avoid any damage to the cosmetic. Europe has a considerably strong market for the grooming sector. For instance, in the year 2017, out of the USD 44,500 million trade, Europe had imported around USD 17,600 million of beauty products and had around 40% of the market share.
Asia Pacific is expected to witness exceptional growth in this sector. This is owed to factors such as rising urban middle class population and growth of various sectors that use stick and sachet packaging such as the food & beverage industry, cosmetics and pharmaceutical sector. China, India, Japan were among the leading countries in this region which have some of the highest spending on eating out with shares of around 25%, 14% and 12% respectively. Sachet and stick packaging are used for packaging cosmetics for protecting the contents inside and to make the packaging attractive. Growth in markets involving cosmetics is expected to witness rise in sachet and stick packaging machine market. For instance, Asia was one of the largest exporters of beauty products in the year 2017 with a share of around 31%. Some of the leading countries in this region were South Korea, China and Japan.
Latin America, Middle East & Africa (LAMEA) is expected to witness healthy growth. Economies such as Brazil, Saudi Arabia, Dubai are amongst the rising economies in this region and have some of the highest consumer spending. Additionally, the rapidly growing real estate sector in the middle east is expected to have migrant workers in significant numbers which could lead to an increase in sales of packaged food items. These factors are expected to result in the growth of sachet and stick packaging machines market.
Some of the key players in this market are Robert Bosch Packaging Technology GmbH, Universal Pack S.R.L, Perfect Pack S.r.l, Viking Masek Global Packaging, Ilapak International S.A., HPM Global Inc., Marchesini Group S.p.A.
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